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IASB issues limited exemption amendment to IFRS 1

28 January 2010


The International Accounting Standards Board (IASB) issued today a minor amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards.

The amendment relieves first-time adopters of IFRSs from providing the additional disclosures introduced in March 2009 by Improving Disclosures about Financial Instruments (Amendments to IFRS 7). It thereby ensures that first-time adopters benefit from the same transition provisions that Amendments to IFRS 7 provides to current IFRS preparers.

The additional disclosure requirements included in Amendments to IFRS 7 were part of the IASB’s response to the financial crisis; they require enhanced disclosures about fair value measurements and liquidity risk.

Additionally, the amendment to IFRS 1 clarifies the IASB’s conclusions and intended transition for Amendments to IFRS 7.

The effective date of the amendment Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1) is 1 July 2010, with earlier application permitted.


Press enquiries

For press enquiries, please contact:

  • Mark Byatt , Director of Corporate Communications, IASB
    Telephone: +44 (0)20 7246 6472
  • Sonja Horn , Communications Adviser, IASB
    Telephone: +44 (0)20 7246 6463
Technical enquiries

For technical enquiries, please contact:

  • Michael Stewart, Director of Implementation Activities, IASB
    Telephone: +44 (0)20 7246 6922
  • Michael Kraehnke, Practice Fellow, IASB
    Telephone: +44 (0)20 7246 6912